Expert Opinion & Commentary Life insurance awareness month: Why coverage is essential Written by Karen Terry | Reviewed by Nupur Gambhir Nupur Gambhir Nupur Gambhir is a content editor and licensed life, health, and disability insurance expert. She has extensive experience bringing brands to life and has built award-nominated campaigns for travel and tech. Her insurance expertise has been featured in Bloomberg News, Forbes Advisor, CNET, Fortune, Slate, Real Simple, Lifehacker, The Financial Gym, and the end-of-life planning service. | Updated on: January 22, 2025 Why you can trust Insure.com Quality Verified At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry. Life Insurance Awareness Month reminds us to think about what most of us avoid: what would happen to our families if we weren’t here. It’s not that people forget about life insurance – it’s just hard to think about the “what ifs,” especially when so much of our focus is on living. Between saving for retirement, building an emergency fund, and keeping up with everyday expenses, life insurance can easily get lost in the shuffle. But here’s the thing: Life insurance isn’t just another box to check on your financial to-do list. It’s the safety net that ensures your family can keep moving forward, even if the unthinkable happens. To start the conversation, we spoke to Karen Terry, assistant vice president and head of LIMRA Insurance Product Research. A lightly edited version of Insure.com’s conversation with Terry follows. Why is life insurance an important part of financial planning? Although it’s uncomfortable to think about life insurance, it’s an important part of maintaining your family’s financial health. A sound financial plan can fall apart if it depends on your income and you die without insurance to replace that lost income. Think about where your income supports your plan: retirement savings — which includes your partner who might not be able to save enough without your income — college savings, long-term care planning. A death benefit can fund your family’s future needs. How could a simple conversation today save loved ones from financial stress tomorrow? Our research shows that nearly 3 in 10 consumers worry about leaving dependents in a difficult financial situation if they die prematurely. A similar number worry about burdening their loved ones with funeral costs. Having a conversation with an agent or advisor about your financial priorities and how to protect your family is a great first step toward finding the right coverage and protecting your family from the immediate impacts of a premature death. What’s the real cost of waiting another year to buy life insurance? There is a financial cost when you wait to purchase life insurance. Life insurance premiums are based on factors that include your age and health. Waiting until next year to buy coverage could mean paying a higher premium since moving into a new age band leads to increased rates. As for health, generally, our medical history doesn’t change frequently, at least while we are younger. However, if you develop a medical condition, it could cause your premiums to be higher, or perhaps make it more difficult to get coverage. How can people choose the right policy without feeling overwhelmed? Life insurance can be complex. According to the 2024 Insurance Barometer Study, from LIMRA and Life Happens, 25% of consumers put off getting insurance because they are not sure how much they need or what type to buy. A financial professional can help explain the difference between types of life insurance, discuss how much you need, and what features best fit your needs. What steps can be taken to ensure someone’s policy evolves with their life changes? Great question. First, your advisor should be checking in with you on a regular basis to see if you’ve had any major life changes. You might start out with a simple term product and then determine that you need something that lasts longer and has a cash value you can draw against. Many term policies are convertible to permanent insurance. There are also life insurance products with additional benefits such as long-term care coverage. Your income may increase, or you may take out a new loan and then need additional coverage. Check in with your advisor after any major life change or if you start thinking about additional planning needs. × Get Free Life Insurance Quotes Today! Zip Code Please enter valid zip Age Age 16 – 20 21 – 24 25 – 34 35 – 44 45 – 54 55 – 64 65+ Coverage Amount Coverage Amount $50,000 – $100,000 $100,000 – $200,000 $200,000 – $300,000 $400,000 – $500,000 $500,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $5,000,000 $5,000,000+ Coverage Type Coverage Type Whole Life Term Life Final Expense Not Sure Gender Gender Male Female Non-Binary Tobacco Use Yes No Compare Quotes Karen Terry . .Karen Terry leads the Individual Product Research team, developing and implementing LIMRA's research program for individual life, disability, long-term care and critical illness insurance products in the U.S. and Canada. Disclaimer: The opinions expressed by outside experts in Insure.com’s “Expert Opinion & Commentary” section reflect those of the author and do not necessarily reflect the views of Insure.com, its parent company QuinStreet Inc. or any of its affiliates and employees. Our editors review these articles and monitor them for accuracy after they've been posted, but the insurance industry sees constant rate changes, regulatory shifts, and other changes. Readers should always check an insurance company's website or contact.